Mittnik, Stefan; Semmler, Willi - 2013
can induce instabilities in the banking sector. To assess such phenomena empirically, we employ a multi-regime vector … dependent on the current state of the economy as well as the sign and size of shocks. Previous multi-regime-based studies …, focusing solely on the regime-dependence of responses, conclude that, during a high-stress period, stress-increasing shocks …